[Congressional Record Volume 167, Number 69 (Wednesday, April 21, 2021)]
[Extensions of Remarks]
[Page E432]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            SECURE AND FAIR ENFORCEMENT BANKING ACT OF 2021

                                 ______
                                 

                               speech of

                            HON. BARBARA LEE

                             of california

                    in the house of representatives

                         Monday, April 19, 2021

  Ms. LEE of California. Mr. Speaker, I rise in strong support of H.R. 
1996, the Secure and Fair Enforcement Banking Act, or the SAFE Banking 
Act, of which I am an original cosponsor. I want to thank my friend 
Congressman Perlmutter as well as Chairwoman Waters and Chairman Nadler 
for their leadership on this issue.
  This bill creates protections for financial institutions to be able 
to provide financial services to state-legal cannabis businesses and 
ancillary businesses. This would allow these businesses to access the 
banking system instead of relying on cash transactions.
  Marijuana is currently legal in 36 states, 4 territories and the 
District of Columbia for medicinal or recreational use. This is an 
important issue as financial institutions prohibit dealing with 
cannabis businesses because of its current Schedule I, federal status. 
We need to ensure that these legitimate businesses have access to 
banking services as more states have medicinal and adult use cannabis 
programs. Many of these businesses are operating as cash only, which 
has created many issues for business owners and employees and has led 
to safety concerns for our communities.
  I look forward to continuing to work with my colleagues on this and 
other marijuana related issues as they relate to racial and economic 
inequality. The SAFE Banking Act helps provide a solution to this 
financial issue, but we must not forget the larger systemic injustice 
of cannabis prohibition, which has disproportionately impacted Black 
and brown communities through the war on drugs. We must work together 
to end federal cannabis prohibition and to pass the MORE Act.

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